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Electrical products distributor McNaughton-McKay, Madison Heights, MI, has agreed to acquire The Reynolds Co., Fort Worth, TX. Terms were not disclosed.
The deal unites two of the largest companies on MDM's list of the Top 25 Electrical Distributors. McNaughton-McKay was No. 13 on last year's list, with annual sales of $725 million. Reynolds was No. 15 with annual sales of $534 million.
The organization, whose annual revenue should exceed $1.2 billion, placing it in the top 10 of electrical distributors, will operate as two separate companies owned by McNaughton-McKay. The companies will have more than 1,300 employees serving customers from 41 locations in the Midwest, Southeast and South Central areas of the U.S. Each company will retain its leadership structure and existing name.
“I have long admired The Reynolds Company’s pursuit of excellence and commitment to its customers’ success,” said Don Slominski Jr., president and CEO of McNaughton-McKay. “Through the years I have watched Walt Reynolds and Donald Reynolds – and their father, Don, before them – lead in a way that mirrors our company’s own commitment and dedication to the people we work with and the people we serve. It is with much excitement that we welcome The Reynolds Company into our employee-owned family, knowing that together we can do even more to serve our customers.”
Formed more than a century ago, McNaughton-McKay is a 100-percent employee-owned electrical distributor focused on automotive, industrial and construction markets. In addition to serving customers in Ohio, North Carolina, South Carolina and Georgia, McNaughton-McKay owns and operates a wholly owned German subsidiary, S&D GmbH.
Formed in 1984, The Reynolds Co. is primarily focused on support of the industrial end user, industrial OEM and commercial construction markets. The company has more than 450 employees and 18 locations in Texas and Louisiana.
“Our organization has known and collaborated with McNaughton-McKay for many years,” said Walt Reynolds, president and CEO of The Reynolds Co. “In many ways, our approach to business and customer service is already similar – as is our unwavering support of our employees. Our management team looks forward to working with McNaughton-McKay, and each new colleague, to service our industry faster and better. The future is bright for all of us.”